June 12, 2023
2 mins read

President’s visit takes UAE-Türkiye ties to new heights: Al Marri

The CEPA with Türkiye is the fourth to be concluded by the UAE as part of its global economic agreements programme…reports Asian Lite News

Abdulla bin Touq Al Marri, UAE Minister of Economy, affirmed that the working visit of UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan to the Republic of Türkiye would take the Emirati-Turkish strategic partnership to new heights.

“Relations between the two countries are ushering in a new chapter on the comprehensive strategic partnership boosted by the strong mutual desire in the two countries to advance joint work and cooperation to serve their vision towards developmental goals,” Al Marri told the Emirates News Agency (WAM) on the occasion of the President’s visit to Turkiye.

‘’With the signing of a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Türkiye, we are looking forward to a promising future full of tremendous trade, economic and investment opportunities in light of ambitious plans adopted by the two countries in key sectors of top priority in trade, investment, industry, tourism, transport, energy, food, technology and others, ‘’ he added.

In March, the two countries signed the CEPA, heralding a new era of bilateral cooperation that will stimulate trade, increase investment flow, and create joint opportunities in priority sectors.

Total non-oil trade between the UAE and Türkiye reached US$19 billion in 2022, an increase of 40 percent compared to 2021 and 112 percent compared to 2020.

The CEPA with Türkiye is the fourth to be concluded by the UAE as part of its global economic agreements programme, following similar agreements with India, Israel, and Indonesia. This one aims to achieve mutual benefits for both countries and stimulate long-term, sustainable, and comprehensive economic growth by eliminating or reducing customs duties on 82 percent of goods and products, representing more than 93 percent of non-oil trade. Additionally, the agreement improves market access to Türkiye for exporters from the UAE, including major sectors such as construction, metals and their products, polymers, and other manufactured products.

The agreement is expected to increase non-oil bilateral trade to $40 billion annually within five years, while also creating 25,000 new jobs by 2031. In addition, the agreement is expected to increase UAE exports to Türkiye by 21.7 percent.

Non-oil exports to Turkey amounted to $5.6 billion in 2022, an increase of 109 percent compared to 2021, while the value of re-export operations from the UAE to the rest of the world grew by 87 percent to reach $2.3 billion in 2022.

The longstanding ties between the two countries are based on the spirit of mutual understanding and respect. They aim to enhance collaboration in various fields, including the economic, climate, cultural, and youth empowerment sectors.

ALSO READ: UAE, Turkish presidents discuss bilateral relations

Previous Story

Almheiri meets Zelenskyy, discusses humanitarian situation

Next Story

India’s pivotal peacemaker role in Ukraine-Russia fight

Latest from -Top News

American missionary abducted in Niger

The US Embassy in Niamey issued a security alert warning that American citizens “remain at a heightened risk of kidnapping throughout Niger, including in the capital city”…reports Asian Lite News An American

Ouattara predicted to win fourth term

Around 8.7 million Ivorians were registered to vote, though analysts had predicted a lower turnout compared with the last two elections, when participation slightly exceeded 50%…reports Asian Lite News Votes were being

Russia Fires at EU

Zakharova called the sanctions package “illegal” and “self-destructive”, while accusing Brussels of isolating itself on the international stage…reports Asian Lite News Russia’s Foreign Ministry Spokeswoman Maria Zakharova has slammed the European Union’s

Mamdani Hits Back at Racism

Mamdani criticised rivals for spreading “hatred,” saying their Islamophobia harms him and nearly one million Muslims in New York….reports Asian Lite News New York City mayoral candidate Zohran Mamdani on Friday delivered
Go toTop

Don't Miss

Expo Centre Sharjah partners with MIE to launch Middle East EV show

The exhibition will feature components and systems of electric vehicles

‘83% of UAE Residents Not Eating Enough Fruits & Vegetables’

The campaign swept across the UAE during February and March,